North Sea operator Premier Oil has sold its fully-owned subsidiary Premier Oil Sumatra North (POSN) to KrisEnergy Asia for $40million.
The transaction included the sale of Premier’s shares in block A Aceh, onshore North Sumatra, in which POSN holds a non-operated 41.7% equity interest.
The announcement follows shortly Premier’s sale of six UK Continental Shelf licences to MOL Group as the company is turning its focus towards its operated Solan and Catcher developments.
“We are continuing to deliver on our plans to dispose of $300million of non-core assets this year, focusing our capital and people on the higher return projects in our portfolio,” said Tony Durrant, Premier Oil’s chief executive.
The transaction with KrisEnergy is subject to government approvals.